Citadel Capital has now completed its planned purchases of additional stakes in its platform companies totaling EGP 3.7 billion as part of its ongoing transformation into an investment company
Citadel Capital (CCAP.CA on the Egyptian Exchange) disclosed today that it has now completed its planned purchases of additional stakes in its platform companies totaling EGP 3.7 billion as part of its ongoing transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.
The asset purchases disclosed today cover the platform companies and subsidiaries outlined in Citadel Capital’s Form 16 submission on use of proceeds from the capital increase, as approved by the EFSA.
At a meeting held on 13 February 2014, Citadel Capital’s Board of Directors accepted a report by its independent auditor (KPMG) certifying the EGP 3.7 billion in liabilities to co-investors and shareholders arising from these securities purchases. These liabilities will be capitalized during the second subscription round for the capital increase, thereby resulting in full subscription to the share issuance.
In December 2013, Citadel Capital invited shareholders to subscribe to a EGP 3,641,875,000 capital increase at par (EGP 5 per share). The capital increase would see Citadel Capital’s total issued capital rise to EGP 8,000,000,000 from EGP 4,358,125,000 through the issuance of 728,375,000 new shares.
This invitation was approved by the Egyptian Financial Supervisory Authority (EFSA) on 1 December 2013 and made public on 4 December 2013. The closing date for the first round of subscriptions took place on 13 February 2014, and the second round is expected to be completed in March 2014.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading investment company in Africa and Middle East. Citadel Capital controls investments of US$ 9.5 billion and focuses on 5 core industries: Energy, Transportation, Agrifoods, Mining, and Cement. For more information, please visit citadelcapital.com.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Citadel Capital. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Citadel Capital is subject to risks and uncertainties.
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Corporate Communications
Citadel Capital (S.A.E.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002